Michigan Mortgage Loan Originator License

Michigan Mortgage Education

EasyRealEstateSchool.com offers these Michigan mortgage education courses in conjunction with MortgageEducation.com. All the mortgage education courses are NMLS-approved and will satisfy all the required education hours for your state. Should you have any questions please feel free to contact MortgageEducation.com.

Michigan Mortgage Loan Originator License

Who is required to have this license?

This license is required of any individual, who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application, offers or negotiates terms of a residential mortgage loan, and who is not an employee of a depository financial institution or a subsidiary of a depository financial institution.

Who does not need this license?

  • An individual registered as a mortgage loan originator that is an employee for a depository institution, a subsidiary of a depository institution that is owned and controlled by that depository institution and is regulated by a federal banking agency, or an institution regulated by the farm credit administration.
  • An individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of that individual.
  • An individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as his or her residence.
  • A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney’s representation of the client, unless the attorney is compensated by a lender, mortgage broker, or other mortgage loan originator or by any agent of a lender, mortgage broker, or other mortgage loan originator.

Pre-requisites for license applications?

  • Surety Bond:
    • If no mortgage loan was closed in the preceding year or if the loans closed is less than $12,000,000.00, the bond amount is $10,000.00.
    • If the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $12,000,000.00 or more and less than $24,000,000.00, a $25,000.00 bond is required.
    • If the sum of the principal amounts of mortgage loans closed by the mortgage loan originator in the preceding calendar year is $24,000,000.00 or more, the bond is $50,000.00.
  • Fingerprints
  • Criminal background check
    • Fingerprints will be submitted through NMLS for FBI criminal background check
    • Criminal background check results will be available to the State.
    • The criminal background check fee is $39.
    • Credit check: A credit report on the applicant will be obtained through the NMLS.
  • Testing: A passing score of 75% or better on both the NMLS approved National Test and the NMLS approved State Test. The test can be re-taken up to three consecutive times, provided there is a 30 day time lapse after the preceding test. If the test is failed after the third consecutive time, you have to wait at least 6 months before taking the test again. The fees per test are:
    • National Component – $92
    • Each Unique State Component – $69
  • Education: The applicant shall complete 20 hours of education through an NMLS approved education provider in a course that includes all of the following:
    • Three hours of federal law and regulations.
    • Three hours of ethics, including instruction on fraud, consumer protection, and fair lending issues.
    • Two hours of training related to lending standards for the nontraditional mortgage product marketplace.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Michigan Mortgage Loan Originator License

 


Michigan State Requirments

SAFE ACT Requirements

  • SAFE MLO Test – All licensees must pass the National and State Components of the SAFE MLO Test by 7/31/2010.
  • Criminal Background Check – All licensees must submit fingerprints through NMLS for a criminal background check by 7/31/2010.
  • Credit Report – All licensees must authorize a credit report through NMLS by 7/31/2010.

Michigan Mortgage Education Requirements

  • SAFE Act Pre-License (Required courses – SAFE CORE 8 hours) – All new applicants on or after 7/31/2010 must have completed 20 hours of NMLS approved pre-licensure education. Existing licensees must complete 20 hours of NMLS approved pre-licensure education by 7/31/2010. State approved courses will no longer be accepted after 7/30/2010.
  • SAFE Act Continuing Education (Required courses – SAFE CORE 7 hours) – All Licensees must take hours of NMLS approved continuing education in 2010 in order to renew for 2011, unless PE was completed in 2010. This course should be taken Yearly by 12/31.
  • Certification (Education) – The state of Michigan will certify pre-education for persons who are currently registered as loan officers and who have completed at least 20 hours of Michigan approved education on or before 7/30/2010. Persons whose pre-education that has been certified need not take the NMLS approved pre-licensure education. Refer to your state agency for more information.
  • Certification (Test) – Persons currently registered as loan officers who have passed the MI mortgage test are eligible to participate in the testing certification process and will not need to take the Michigan Component of the SAFE MLO Test. The state of Michigan will certify the Michigan component. Refer to your state agency for more information.

For more information about the actual course please visit Mortgage Education Course FAQ’s.

Michigan Mortgage Loan Originator License